Commerce (English Medium) कक्षा १२ - CBSE Question Bank Solutions for Economics

Explain the meaning of non-market activities.

In which of the following countries does the service sector contribute the most to GDP?

Which of the following country was faster in shifting its workforce from agriculture to the service sector?

Which of the following is a feature pertaining to the Indian economy?

Read the following case study carefully and answer the question that follows.

Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.

Human Capital Formation came into existence in ______.

Read the following case study carefully and answer the question that follows.

Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.

Economists say that the main key player of economic development is ______.

Read the following case study carefully and answer the question that follows.

Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.

In ______ Five year Plan, India emphasized on human capital formation.

Read the following case study carefully and answer the question that follows.

Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.

________ means an improvement in the quality of life and living standards, e.g., measures of literacy, life expectancy, and health care.

Estimate the value of Nominal Gross Domestic Product for a hypothetical economy, the value of Real Gross Domestic Product and Price Index are given as ₹ 500 crores and 125 respectively.

________ and _____ are the reasons for the slowdown of the Pakistan economy since independence.

1. political instability
2. over-dependence on remittances from abroad
3. stable performance of agriculture sector
4. growth of service sector

State whether the following statement is true/false, with valid argument:

Human Capital and Human Development are one and the same thing.

As per the Reserve Bank of India (RBI) press report, dated 22^nd June, 2022:
"Net Foreign Portfolio Investment (FPI) recorded an outflow of US $15.2 billion mainly from the equity market."

The above transaction will be recorded in the ______ account on ______ side of Balance of payments account of India.

Assertion (A): Human capital is not traded in the market; however its services are traded.

Reason (R): Human capital is intangible in nature.

From the set of the events given in Column-I and the corresponding year in Column-II, choose the incorrect pair:

On the basis of the data given below, identify the incorrect statement in terms of annual growth of GDP (%): (Choose the correct alternative)

"Active Government intervention is essential in education and health sectors in India."
Do you agree with the given statement? Give reasons in support of your answer.

As per the Reserve Bank of India (RBI) press report, dated 29th December, 2022:

"Net external commercial borrowings to India recorded an outflow of US$ 0.4 billion in the second quarter (2022-23)"

The above transaction will be recorded in the _______ account on ______ side of Balance of payments account of India. 

Read the following chart carefully and choose the correct alternative:

Compare and analyse the following information related to Annual Growth of Gross Domestic Product (GDP) of India and China: 

Annual Growth of Gross Domestic Product

What is revenue expenditure?